DA Davidson Reaffirms Buy Rating for Amplitude (NASDAQ:AMPL)

Amplitude (NASDAQ:AMPL)‘s stock had its “buy” rating restated by equities research analysts at DA Davidson in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $16.00 price target on the stock. DA Davidson’s target price points to a potential upside of 38.34% from the stock’s current price.

A number of other analysts have also commented on the company. Needham & Company LLC increased their price objective on Amplitude from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Bank of America upped their target price on shares of Amplitude from $13.00 to $15.00 and gave the company a “buy” rating in a report on Monday, June 16th. Benchmark restated a “buy” rating on shares of Amplitude in a report on Friday, July 11th. Piper Sandler upped their target price on shares of Amplitude from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Amplitude from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.20.

Amplitude Stock Performance

NASDAQ:AMPL traded up $0.19 during trading hours on Monday, hitting $11.57. The company’s stock had a trading volume of 160,360 shares, compared to its average volume of 1,272,308. The business’s 50-day moving average is $11.69 and its two-hundred day moving average is $11.33. The company has a market capitalization of $1.18 billion, a PE ratio of -15.28 and a beta of 1.54. Amplitude has a 52-week low of $7.55 and a 52-week high of $14.88.

Amplitude (NASDAQ:AMPL) last posted its earnings results on Wednesday, August 6th. The company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. The company had revenue of $83.27 million for the quarter, compared to analyst estimates of $81.29 million. Amplitude had a negative return on equity of 33.08% and a negative net margin of 30.43%.The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, analysts predict that Amplitude will post -0.62 EPS for the current fiscal year.

Insider Activity at Amplitude

In other news, Director Erica Schultz sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $11.06, for a total value of $110,600.00. Following the transaction, the director directly owned 107,406 shares in the company, valued at $1,187,910.36. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 25,000 shares of company stock valued at $290,750. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Amplitude

Several institutional investors and hedge funds have recently made changes to their positions in AMPL. Alliancebernstein L.P. raised its position in shares of Amplitude by 2,126.0% during the 2nd quarter. Alliancebernstein L.P. now owns 4,160,481 shares of the company’s stock valued at $51,590,000 after acquiring an additional 3,973,575 shares in the last quarter. Baillie Gifford & Co. acquired a new position in Amplitude during the 1st quarter valued at approximately $20,292,000. Squarepoint Ops LLC raised its stake in shares of Amplitude by 932.3% in the 2nd quarter. Squarepoint Ops LLC now owns 529,050 shares of the company’s stock worth $6,560,000 after buying an additional 477,801 shares in the last quarter. Meros Investment Management LP raised its stake in shares of Amplitude by 4,682.9% in the 1st quarter. Meros Investment Management LP now owns 462,314 shares of the company’s stock worth $4,711,000 after buying an additional 452,648 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Amplitude by 149.4% in the 2nd quarter. Bank of America Corp DE now owns 699,824 shares of the company’s stock worth $8,678,000 after buying an additional 419,248 shares in the last quarter. 73.20% of the stock is owned by institutional investors and hedge funds.

About Amplitude

Amplitude, Inc, together with its subsidiaries, provides a digital analytics platform that analyzes customer behavior in the United States and internationally. It offers Amplitude Analytics, which provides real-time product data and reconstructed user visits; Amplitude Experiment, a solution that allows teams to test new capabilities and safely roll out new features; Amplitude CDP, an insight-driven solution that encompasses the data infrastructure, audience management, and data streaming capabilities; and Amplitude Session Replay used by product, marketing, and data teams to understand user behavior, diagnose product issues, and improve product outcomes.